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Regional Comprehensive Economic Partnership (rcep)
The Regional Comprehensive Economic Partnership (RCEP) is a proposed agreement between the member states of the Association of Southeast Asian Nations (Asean) and its free trade agreement (FTA) partners. The pact aims to cover trade in goods and services, intellectual property, etc.
Singapore Budget 2022
Minister for Finance of Singapore delivered the Budget Statement for Budget 2022 on February 2022 in Parliament. According to the statement, the key contents of the Budget 2022 include:Increase of Goods and Services Tax Rate, Increase of Personal Income Tax Rate, Increase of Property Tax Rate, Raise of Minimum Salary for EP and SP.
Singapore Central Provident Fund (CPF) Contribution Rates
The CPF contributions are allocated to the Ordinary, Special and Medisave Accounts based on the ratio of contributions shown in Tables 1 to 7. Contributions are first allocated to the Medisave Account, followed by the Special Account. The balance is then allocated to the Ordinary Account.
Guide to Audit Exemption for Small Companies in Singapore
The Singapore Companies (Amendment) Act 2014 brings in the concept of small company, which replaces the exempt private company for purposes of audit exemption. This article considers the features of this new regime and illustrates its application to existing as well as new companies.
Tax Incentive for Funds and Fund Management Company in Singapore
Both Singapore and Hong Kong are popular location for fund managers of private equity, real estate and hedge funds to be based in. The outstanding growth in Singapore’s fund management industry can be attributed to several factors, including the ease of doing business in Singapore and attractive taxes incentives for funds and fund managers.
Stamp duty on transfer of ordinary shares in newly incorporated Singapore companies
Stamp duty is computed on the consideration or total value of the shares transferred, whichever is higher.Newly incorporated companies are those companies incorporated less than 18 months from the transfer date. The following points must be noted :If the newly incorporated company does not own any properties, the allotment price can be used.
Introduction to Audit Exemption for Small Companies Incorporated in Singapore
Currently, a company is exempted from having its accounts audited if it is an exempt private company with annual revenue of S$5 million or less. This approach is being replaced by a new small company concept which will determine exemption from statutory audit. Notably, a company no longer needs to be an exempt private company to be exempted from audit. The audit exemption is applicable for financial years beginning on or after the change in law (1 July 2015).
New GST Treatment on Imported Services in Singapore
Singapore’s GST is known as Goods and Services Tax, is a tax levied on Goods and Services supplied and provided in Singapore, as well as on imported goods. Singapore’s GST is similar with VAT in other counties and is currently taxed at 7%. GST is a tax on local consumption, i.e it’s levied on all services consumed in Singapore whether they are procured from local or overseas supplies. Based on current GST rules, services (other than an exempt supply) supplied
Singapore Goods and Services Tax Guide
Goods and Services Tax (GST) is similar to Valued Added Tax (VAT) in other countries and is a relatively new form of tax in Singapore. GST was implemented on 1st April 1994 in Singapore. The Singapore GST Act is modelled on the UK VAT legislation and New Zealand GST legislation. The Inland Revenue Authority of Singapore (IRAS) acts as the agent of the Singapore government and administers, assesses, collects and enforces payment of GST.
Introduction to Individual Income Tax in Singapore
Singapore has one of the lowest tax rates in the developed countries and is considered as “a global legal tax haven”. Singapore’s low tax rate, and its favourable tax policies, stable living environment have made the Singapore business environment even more attractive to global investors. The highest corporate income tax rate in Singapore is 17%, the highest Individual Income Tax rate is 22%, and there are no capital gains or inheritance taxes.